The University of Connecticut issued a report asserting that it is responsible for $5.3 billion in economic activity for the state, including $72 million for Fairfield County.
Peter Morenus/UConn Photo
The 30-page report, which was compiled by the school”™s Department of Agriculture and Resource Economics and Department of Economics using fiscal year 2018 data, claimed that every dollar spent by UConn resulted in 77 cents of economic output, which equals roughly $1,500 per state resident. The report also concluded UConn is responsible for 25,900 jobs in the state and $277.5 million in state and local tax revenue.
Among the campuses within the UConn system, the Storrs campus had the greatest economic impact by contributing $2.7 billion to state output, creating more than 13,000 jobs totaling $1.2 billion in labor compensation and adding $1.4 billion in value to the state economy.
The four regional campuses ”“ Stamford, Waterbury, Avery Point and Greater Hartford ”“ contributed $383 million in statewide output, over 2,100 jobs, $187 million in labor income and $224 million in value added. The Greater Hartford campus accounted for 62% of the combined regional campuses”™ output impact, followed by Stamford (19%), Avery Point (13%), and Waterbury (6%).
“Effectively measuring UConn”™s contributions allows us to demonstrate key aspects of the value the university brings to the state and its people,” said UConn President Thomas C. Katsouleas.
“UConn is part of a constellation of public higher education institutions in Connecticut, and they all bring great value. But as the sole public flagship research university in the state, we have an enhanced responsibility to contribute to our economy and to our communities. Given that, the citizens of Connecticut and their elected representatives should have a clear picture of what the return on their investment in UConn is, including with respect to our economic impact, among many others,” Katsouleas said.
